Great breakdown of ACMR's positioning in the Chinese semiconductor ecosystem. The expansion into track systems is a smart move to increase their wallet share per wafer - it's not just about winning new customers but deepening penetration with existng ones. The 34% YoY backlog growth is impressive, especially when you consider the challenging geopolitical environment. I'm curious how sustainable this growth trajectory is if export controls tighten further, but the local funding via the RMB 4.5B offering definitely reduces some of that risk.
ACMR’s move into new process tools like bevel etch, furnace, and wet etch systems shows how it’s trying to broaden its scope beyond wafer cleaning. The company also wants to enter advanced packaging and CMP cleaning, which would position it deeper in front-end and back-end processes. These tools have higher ASPs and better margins, and if ACMR can prove performance parity with imported equipment, it could gain share fast, especially as China keeps pushing local sourcing for critical semiconductor steps.
Great breakdown of ACMR's positioning in the Chinese semiconductor ecosystem. The expansion into track systems is a smart move to increase their wallet share per wafer - it's not just about winning new customers but deepening penetration with existng ones. The 34% YoY backlog growth is impressive, especially when you consider the challenging geopolitical environment. I'm curious how sustainable this growth trajectory is if export controls tighten further, but the local funding via the RMB 4.5B offering definitely reduces some of that risk.
ACMR’s move into new process tools like bevel etch, furnace, and wet etch systems shows how it’s trying to broaden its scope beyond wafer cleaning. The company also wants to enter advanced packaging and CMP cleaning, which would position it deeper in front-end and back-end processes. These tools have higher ASPs and better margins, and if ACMR can prove performance parity with imported equipment, it could gain share fast, especially as China keeps pushing local sourcing for critical semiconductor steps.